7100 dollars is placed in an account with an annual interest rate of 7.75%. how much will be in the account…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years. Given $P=$7100$, $r = 7.75%=0.0775$, and $t = 30$.

Step2: Substitute the values into the formula

$A=7100\times(1 + 0.0775)^{30}$. First, calculate $(1 + 0.0775)^{30}$. Let $x=(1 + 0.0775)^{30}$. Using a calculator, $x\approx9.37977$. Then, $A = 7100\times9.37977$. $A=7100\times9.37977 = 66596.367$.

Step3: Round to the nearest cent

Rounding $66596.367$ to the nearest cent gives $A\approx$66596.37$.

Answer:

$66596.37$